- NewsReuters Videos
China welcomes Huawei executive home
Huawei Chief Financial Officer Meng Wanzhou arrived in China on Saturday...the same day two Canadians detained by Beijing returned home.Meng's nearly three-year U.S. extradition fight ended as she was met at the airport in Shenzen with a veritable hero's welcome, where she was greeted with flowers and applause by a jubilant crowd of well wishers.Her return follows a deal with U.S. prosecutors to end a bank fraud case against her.Two Canadians detained by Chinese authorities on spying charges just days after Meng's arrest -- Michael Kovrig and Michael Spavor -- were embraced on the tarmac by Canadian Prime Minister Justin Trudeau after they landed in Calgary.China has previously denied engaging in "hostage diplomacy," insisting that the arrest and detention of the Canadians on spying charges was not tied in any way to the proceedings against Meng.The extradition drama has been a central source of discord between Beijing and Washington, with Chinese officials signaling that the case had to be dropped to help end a diplomatic stalemate.Meng was detained in December 2018 in Vancouver after a New York court issued an arrest warrant, saying she tried to cover up attempts by Huawei-linked companies to sell equipment to Iran in breach of U.S. sanctions.Chinese Foreign ministry spokeswoman Hua Chunying said the charges against her had been "fabricated" in order to suppress the country's high-tech industries.
- PoliticsReuters Videos
UK govt to shift on trucker visas amid shortage
Britain is expected to announce plans to issue temporary visas to foreign truck driversto resolve an acute shortage that has led to fuel rationing at gas stations and retailers warning of shortages over Christmas.Ministers are urging against panic buying, and oil companies say there's no shortage, just delivery problems.But long lines have formed at gas stations and some outlets have closed.Though temporary, issuing the foreign visas was a shift for a government that brought in a strict new immigration regime after leaving the European Union.Which is why Boris Johnson's Downing Street office emphasized on Saturday (September 25) that the step was strictly time-limited.Behind the shortfall are Brexit's restrictions on foreign workers and the health crisis, which halted driver training and testing.Newspapers reported the scheme would let in up to 5,000 drivers, far short of the 100,000 the UK's Road Haulage Association says are needed to meet demand.The fuel issue comes as Britain, the world's fifth-largest economy, also grapples with a spike in European natural gas prices causing soaring energy prices and a potential food supply crunch.Britain says the long-term solution is for more British drivers to be hired, with the haulage association saying better pay and conditions are needed to attract recruits.But the retail industry has warned that unless the government acts to address the shortage in the next 10 days, then significant disruption is inevitable in the run-up to Christmas.Other countries such as the United States and Germany are also dealing with truck driver shortages.
- BusinessReuters Videos
S&P 500 edges higher after bumpy week, Nike drags
The Dow and S&P 500 ended a choppy session Friday with minor gains, extending their winning streak to a third day. Gains in financial and tech shares offset a downbeat sales forecast from Nike. The Dow and S&P inched up roughly a tenth of a percent, but the Nasdaq closed flat. Despite a steep sell-off on Monday sparked by fears of a default by developer China Evergrande, the markets recovered to eke out small gains for the week. Evergrande missed its key interest payment Thursday, but American investors took the news in stride Friday, which surprised TD Ameritrade Chief Market Strategist JJ Kinahan. “It really is amazing. Again, going back to what I said earlier, it shows the power of the Fed at everything. That being said, I think as an investor, you can't look at what went on with China Evergrande and just say, ‘Oh Monday. It's over. Time to move on.’” Nike was the biggest drag on the Dow and S&P. The sportswear maker’s shares dropped more than 6%. Nike warned of delays during the holiday shopping season, blaming a supply chain crunch. Investors also took down shares of athletic shoe retailer Foot Locker, which fell 7%. China’s central bank banned the trading and mining of cryptocurrencies. That yanked down the price of bitcoin and other cryptos, as well as digital currency-related companies such as Coinbase Global, MicroStrategy, and Riot Blockchain.
